Greed and FOMO explain why the biggest gains in the market are coming from companies without profits, according to Jeff Mortimer of BNY Mellon Wealth...

Greed and FOMO explain why the biggest gains in the market are coming from companies without profits, according to Jeff Mortimer of BNY Mellon Wealth Management. Unprofitable companies such as Zynga Inc. and FireEye Inc. are leading gains in the Russell 1000 Index. The Nasdaq Biotechnology Index is up 25 percent in the past 10 weeks, the most since February 2012, data compiled by Bloomberg show. Less than a third of its 122 companies earned any money in the last 12 months. Marijuana shares, which trade on venues with less stringent reporting requirements, are among the most active. In this backdrop of human emotions, which begins to take over, it's one of greed, it's one of willing to pay for something that will happen in the future and being afraid that one might be left behind. (VIEW LINK)